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Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?

Author

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  • Hideaki Sakawa

    () (Graduate School of Economics, Nagoya City University)

  • Masato Ubukata

    () (Graduate School of Economics, Osaka University)

Abstract

This paper presents an examination of the relation between pre-trade transparency and market quality in the Tokyo Stock Exchange (TSE). Mixed evidence related to this relation has been reported worldwide. We analyzed this relation using a discrete change of disclosure policy in the 2000s. A positive relation pertains between pre-trade transparency and market quality. This result implies that the change of disclosure policy on the TSE might be effective for market quality improvement to some extent.

Suggested Citation

  • Hideaki Sakawa & Masato Ubukata, 2009. "Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?," Discussion Papers in Economics and Business 09-34, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  • Handle: RePEc:osk:wpaper:0934
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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0934.pdf
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    Cited by:

    1. He, Yinghua & Nielsson, Ulf & Guo, Hong & Yang, Jiong, 2014. "Subscribing to transparency," Journal of Banking & Finance, Elsevier, vol. 44(C), pages 189-206.
    2. Sakawa, Hideaki & Ubukata, Masato & Watanabel, Naoki, 2014. "Market liquidity and bank-dominated corporate governance: Evidence from Japan," International Review of Economics & Finance, Elsevier, vol. 31(C), pages 1-11.

    More about this item

    Keywords

    Pre-trade transparency; Market quality; Quote Disclosure;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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